GoHealth Reports First Quarter 2021 Results

Reaffirms Full Year 2021 Growth Outlook

May 12, 2021 4:05 PM EDT

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CHICAGO, May 12, 2021 /PRNewswire/ -- GoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, announced financial results for the three months ended March 31, 2021.

  • First quarter 2021 net revenue of $204.2 million increased 45% compared to the prior year period
  • First quarter 2021 Medicare—Internal revenue of $157.4 million increased 65% compared to the prior year period
  • First quarter 2021 Medicare Advantage ("MA") Approved Submissions of 171,127 increased 48% compared to the prior year period
  • First quarter 2021 MA LTV Per Approved Submission of $995 increased 17% compared to the prior year period
  • First quarter 2021 net loss of $7.3 million compared to a net loss of $0.9 million in prior year period; Adjusted EBITDA1 of $32.0 million decreased 8% compared to the prior year period due to the 2021 strategic investments in agent capacity, marketplace technology, branding and Encompass Platform
  • The Company reaffirmed its full year 2021 outlook, and expects total net revenue of $1,150 - $1,300 million (+31% to +48%) powered by commission net revenue of $950 - $1,100 million (+42% to +64%). The Company also expects Adjusted EBITDA of $345 - $385 million (+27% to +42%)

Clint Jones, co-founder and CEO said, "GoHealth's first quarter revenue growth of 45% was driven by a 65% gain in our Medicare-Internal segment as LTVs expanded 17%. TeleCare initiatives continued to drive persistency gains and our ramped up investments in our Encompass Platform led to $9 million in revenue contribution from the platform's additional services beyond enrollment for carriers. Given our first quarter results were consistent with our expectations, as well as the excellent progress we achieved toward our 2021 hiring and efficiency goals, we are reaffirming our full year 2021 growth outlook."

Jones continued, "Seniors continue to demonstrate a high degree of interest in our model, and increasingly want to explore their Medicare plan choices from the safety and comfort of their own home through our Choice platform. GoHealth's telesales agents are equipped with the decision support tools and experience to help consumers select the best plan for their unique needs, and in the process, achieve a superior health outcome with lower costs. We are in the early days of realizing this enormous market opportunity by building GoHealth's position as the trusted advisor for consumers, helping these consumers navigate their healthcare journey through our Encompass offerings, and in the process, create value for our partners."

First Quarter 2021 Highlights2

  • Total company revenue grew 45% to $204.2 million
    • Total Medicare Submitted Policies3 grew 40% to 185,045
  • Medicare—Internal net revenue increased 65% to $157.4 million
    • Medicare—Internal segment profit increased 11% to $46.4 million, with a 30% margin
  • LTV Per carrier Approved MA Submission increased 17% to $995, powered by the combination of persistency gains and Encompass revenue
  • Adjusted EBITDA decreased 8% to $32.0 million
    • Aggregate investment in customer care and enrollment and technology grew $28.1 million, an increase of 99%, as the Company prepares for the upcoming Annual Enrollment Period, including enhanced tools and training to continue powering conversion gains and improved effectuation, as well as investments in Encompass
    • Total cost of revenue, marketing and advertising expense grew 51%, roughly in line with sales growth
  • Newly expanded credit facility, combined with prior facilities, provides $200 million of incremental borrowing capacity, in addition to $174 million of cash and cash equivalents on hand

2021 Financial Outlook

The trajectory of the U.S. economy remains challenging to predict, particularly given the continued uncertainty associated with the pace of recovery from the COVID-19 pandemic. During this time, demand for healthcare has demonstrated great resilience, and we believe that the COVID-19 pandemic has created favorable, long-term industry dynamics for technology-driven, direct-to-consumer models such as GoHealth's insurance marketplace.

The Company is reaffirming its financial outlook for the fiscal year ending December 31, 2021 based on current market conditions and expectations:

  • Full-year 2021 net revenue of $1,150 - $1,300 million, representing year-over-year growth of 31% - 48%
    • Full-year 2021 commission revenue of $950 - $1,100 million, representing year-over-year growth of 42% - 64%, fueled by the Company's continued investment in its Medicare business, including GoHealth's Encompass Platform
  • Full-year 2021 adjusted EBITDA of $345 - $385 million, representing year-over-year growth of 27% - 42%

Conference Call Details

The Company will host a conference call today, Wednesday, May 12, 2021 at 5:00 p.m. (ET) to discuss its financial results. A live audio webcast and a supplemental presentation will be available online at https://investors.gohealth.com. The conference call can also be accessed by dialing 1-833-519-1310 for U.S. participants, or 1-914-800-3876 for international participants, and referencing participant code 9944456. A replay of the call will be available for 30 days via webcast for on-demand listening shortly after the completion of the call, at the same web link.

About GoHealth, Inc.:

As a leading health insurance marketplace and Medicare-focused digital health company, GoHealth's mission is to improve access to healthcare in America. Enrolling in a health insurance plan can be confusing for customers, and the seemingly small differences between plans can lead to significant out-of-pocket costs or lack of access to critical medicines and even providers. GoHealth combines cutting-edge technology, data science and deep industry expertise to match customers with the healthcare policy and carrier that is right for them. Since its inception, GoHealth has enrolled millions of people in Medicare and individual and family plans. For more information, visit https://www.gohealth.com.

Investor Relations:Jay Koval, VP of Investor RelationsIR@gohealth.com

Media Relations:Pressinquiries@gohealth.com

(1)  Adjusted EBITDA is a non-GAAP measure. For a definition of Adjusted EBITDA and a reconciliation to the most comparable GAAP measure, please refer to the appendix.(2)  First quarter 2021 results compared to the comparable prior year period.(3)  Total Medicare Submitted Policies includes commissionable and non-commissionable policies.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding the Company's future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding expected financial performance and operational performance for the fiscal year 2021, including with respect to revenue and Adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terms, such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause the Company's actual results to differ materially from those indicated in these forward-looking statements, including, but are not limited to, the following: the Company's ability to comply with the numerous, complex and frequently changing laws regulating the marketing and sale of Medicare plans; the potential for an adverse change in the Company's relationships with carriers, including a loss of a carrier relationship; failure to grow the Company's customer base or retain its existing customers; carriers' ability to reduce commissions paid to the Company and adversely change their underwriting practices; significant consolidation in the healthcare industry which could adversely alter the Company's relationships with carriers; information technology systems failures or capacity constraints interrupting the Company's operations; factors that adversely impact the Company's estimate of LTV; the Company's dependence on agents to sell insurance plans; changes in the health insurance system and laws and regulation governing health insurance markets; the inability to effectively advertise the Company's products; and our ability to successfully implement our business plan during a global economic downturn caused by the COVID-19 pandemic.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release, as well as the cautionary statements and other risk factors set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and other SEC filings. If one or more events related to these or other risks or uncertainties materialize, or if the Company's underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. Many of the important factors that will determine these results are beyond the Company's ability to control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time-to-time, and it is not possible for us to predict which will arise. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Use of Non-GAAP Financial Measures and Key Performance Indicators

In this press release, we use supplemental measures of our performance that are derived from our consolidated financial information, but which are not presented in our Consolidated Financial Statements prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). These non-GAAP financial measures include net income (loss) before interest expense, income tax expense (benefit) and depreciation and amortization expense ("EBITDA"); Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is the primary financial performance measure used by management to evaluate its business and monitor its results of operations.

Adjusted EBITDA represents EBITDA as further adjusted for share-based compensation, non-recurring legal fees, change in fair value of contingent consideration liability, and severance costs. Adjusted EBITDA margin represents Adjusted EBITDA divided by net revenues.

We use non-GAAP financial measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for net income (loss) prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each of EBITDA and Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), are presented in the tables below in this press release. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and include other expenses, costs and non-recurring items.

Management has provided its outlook regarding Adjusted EBITDA, which is a non-GAAP financial measure and excludes certain charges. Reconciliations of Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), is presented in the table below in this press release.

Glossary

"Approved Submissions" refer to Submitted Policies approved by carriers for the identified product during the indicated period.

"Adjusted EBITDA" represents, as applicable for the period, EBITDA as further adjusted for share-based compensation expense, non-recurring legal fees, change in fair value of contingent consideration liability, and severance costs.

"Adjusted EBITDA margin" refers to Adjusted EBITDA divided by net revenues.

"LTV Per Approved Submission" refers to the Lifetime Value of Commissions per Approved Submission, which we define as (i) aggregate commissions estimated to be collected over the estimated life of all commissionable Approved Submissions for the relevant period based on multiple factors, including but not limited to, contracted commission rates, carrier mix and expected policy persistency with applied constraints, excluding revenue adjustments recorded in the period, but relating to performance obligations satisfied in prior periods, divided by (ii) the number of commissionable Approved Submissions for such period.

"Revenue Per Submission" refers to the total net revenues per Submitted Policy, which we define as (i) total net revenue, excluding revenue adjustments recorded in the period, but relating to performance obligations satisfied in prior periods, divided by (ii) the number of Submitted Policies for such period.

"Submitted Policies" refer to completed applications that, with respect to each such application, the consumer has authorized us to submit to the carrier.

The following tables set forth the components of our results of operations for the periods indicated (unaudited):

(in thousands, except percentages and per share amounts)

Three months ended Mar.31, 2021

Three months ended Mar. 31, 2020

Dollars

% of Net Revenues

Dollars

% of Net Revenues

$ Change

% Change

Net revenues:

Commission

$

173,981

85.2

%

$

112,510

79.8

%

$

61,471

54.6

%

Enterprise

30,198

14.8

%

28,500

20.2

%

1,698

6.0

%

Net revenues

204,179

100.0

%

141,010

100.0

%

63,169

44.8

%

Operating expenses:

Cost of revenue

48,375

23.7

%

42,134

29.9

%

6,241

14.8

%

Marketing and advertising

54,484

26.7

%

26,073

18.5

%

28,411

109.0

%

Customer care and enrollment

47,094

23.1

%

23,978

17.0

%

23,116

96.4

%

Technology

9,617

4.7

%

4,593

3.3

%

5,024

109.4

%

General and administrative

19,693

9.6

%

10,491

7.4

%

9,202

87.7

%

Change in fair value of contingent consideration liability

%

4,400

3.1

%

(4,400)

N/M

Amortization of intangible assets

23,514

11.5

%

23,514

16.7

%

%

Total operating expenses

202,777

99.3

%

135,183

95.9

%

67,594

50.0

%

Income from operations

1,402

0.7

%

5,827

4.1

%

(4,425)

(75.9)

%

Interest expense

8,688

4.3

%

6,756

4.8

%

1,932

28.6

%

Other (income) expense

13

%

10

%

3

30.0

%

Income (loss) before income taxes

(7,299)

(3.6)

%

(939)

(0.7)

%

(6,360)

N/M

Income tax expense (benefit)

(31)

%

(2)

%

(29)

N/M

Net income (loss)

$

(7,268)

(3.6)

%

$

(937)

(0.7)

%

$

(6,331)

N/M

Net income (loss) attributable to noncontrolling interests

(5,178)

(2.5)

%

Net income (loss) attributable to GoHealth, Inc.

$

(2,090)

(1.0)

%

Net income (loss) per share:

Net income (loss) per share of common stock — basic and diluted

$

(0.02)

Weighted-average shares of common stock outstanding — basic and diluted

92,343

Non-GAAP financial measures:

EBITDA

$

26,756

$

29,964

Adjusted EBITDA

$

32,048

$

34,920

Adjusted EBITDA margin

15.7

%

24.8

%

_________________________

NM = Not meaningful

 

The following tables set forth the reconciliations of GAAP net income (loss) to EBITDA and Adjusted EBITDA for the periods indicated (unaudited):

(in thousands)

Three months ended Mar. 31, 2021

Three monthsended Mar. 31, 2020

Net revenues

$

204,179

$

141,010

Net income (loss)

(7,268)

(937)

Interest expense

8,688

6,756

Income tax expense (benefit)

(31)

(2)

Depreciation and amortization expense

25,367

24,147

EBITDA

26,756

29,964

Share-based compensation expense (1)

5,112

479

Legal fees (2)

180

Change in fair value of contingent consideration liability (3)

4,400

Severance costs (4)

77

Adjusted EBITDA

$

32,048

$

34,920

Adjusted EBITDA margin

15.7

%

24.8

%

_________________________

(1)

Represents non-cash share-based compensation expense relating to equity awards.

(2)

Represents non-recurring legal fees unrelated to our core operations.

(3)

Represents the change in fair value of the contingent consideration liability due to the predecessor owners of the Company arising from the Centerbridge Acquisition.

(4)

Represents costs associated with the termination of employment.

 

The following table summarizes share-based compensation expense by operating function for the periods indicated (unaudited):

(in thousands)

Three monthsended Mar.31, 2021

Three months ended Mar. 31, 2020

Marketing and advertising

$

337

$

57

Customer care and enrollment

796

24

Technology

747

73

General and administrative

3,232

325

Total share-based compensation expense

$

5,112

$

479

The following table sets forth our balance sheets for the periods indicated (unaudited):

(in thousands, except per share amounts)

Mar. 31, 2021

Dec. 31, 2020

Assets

Current assets:

Cash and cash equivalents

$

173,979

$

144,234

Accounts receivable, net of allowance for doubtful accounts of $730 in 2021 and $787 in 2020

22,092

14,211

Receivable from NVX Holdings, Inc.

3,395

Commissions receivable - current

98,222

188,128

Prepaid expense and other current assets

26,496

41,854

Total current assets

320,789

391,822

Commissions receivable - non-current

702,668

622,270

Other long-term assets

2,170

2,072

Property, equipment, and capitalized software, net

20,984

17,353

Intangible assets, net

665,211

688,726

Goodwill

386,553

386,553

Total assets

$

2,098,375

$

2,108,796

Liabilities and Stockholders' / Members' Equity

Current liabilities:

Accounts payable

$

11,993

$

8,733

Accrued liabilities

26,143

26,926

Commissions payable - current

47,554

78,478

Deferred revenue

750

736

Current portion of long-term debt

4,170

4,170

Other current liabilities

9,037

8,328

Total current liabilities

99,647

127,371

Non-current liabilities:

Commissions payable - non-current

202,703

182,596

Long-term debt, net of current portion

395,982

396,400

Other non-current liabilities

3,037

3,274

Total non-current liabilities

601,722

582,270

Stockholders' equity:

Class A common stock – $0.0001 par value; 1,100,000 shares authorized; 98,518 and 84,196 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively.

10

8

Class B common stock – $0.0001 par value; 604,613 and 619,004 shares authorized; 222,606 and 236,997shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively.

22

24

Preferred stock – $0.0001 par value; 20,000 shares authorized; no shares issued and outstanding at March 31,2021 and December 31, 2020.

Additional paid-in capital

465,936

399,169

Accumulated other comprehensive income (loss)

19

17

Accumulated deficit

(20,892)

(18,802)

Total stockholders' equity attributable to GoHealth, Inc.

445,095

380,416

Non-controlling interests

951,911

1,018,739

Total stockholders' / members' equity

1,397,006

1,399,155

Total liabilities and stockholders' / members' equity

$

2,098,375

$

2,108,796

The following table sets forth our statements of cash flows for the periods indicated (unaudited):

(in thousands)

Three monthsended Mar.31, 2021

Three monthsended Mar. 31, 2020

Operating Activities

Net income (loss)

$

(7,268)

$

(937)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Share-based compensation

5,112

479

Depreciation and amortization

1,853

633

Amortization of intangible assets

23,514

23,514

Amortization of debt discount and issuance costs

684

394

Change in fair value of contingent consideration

4,400

Other non-cash items

(472)

(341)

Changes in assets and liabilities, net of acquisition:

Accounts receivable

(1,661)

9,302

Commissions receivable

9,508

(5,859)

Prepaid expenses and other assets

9,227

9,007

Accounts payable

1,570

(864)

Accrued liabilities

(783)

(10,828)

Deferred revenue

13

(351)

Commissions payable

(10,818)

(5,441)

Other liabilities

723

479

Net cash provided by (used in) operating activities

31,202

23,587

Investing Activities

Purchases of property, equipment and software

(3,740)

(3,522)

Net cash provided by (used in) investing activities

(3,740)

(3,522)

Financing Activities

Proceeds received upon issuance of common units

10,000

Borrowings under term loans

117,000

Principal payments under term loans

(1,043)

(750)

Debt issuance cost payments

(6,011)

Principal payments under capital lease obligations

(76)

(72)

Cash received on advancement to NVX Holdings, Inc.

3,395

Net cash provided by (used in) financing activities

2,276

120,167

Effect of exchange rate changes on cash and cash equivalents

7

(85)

Increase in cash and cash equivalents

29,745

140,147

Cash and cash equivalents at beginning of period

144,234

12,276

Cash and cash equivalents at end of period

$

173,979

$

152,423

The following tables set forth operating segment results for the periods indicated (unaudited):

(in thousands, except percentages)

Three months ended Mar.31, 2021

Three months ended Mar.31, 2020

Dollars

% of Net Revenues

Dollars

% of Net Revenues

$ Change

% Change

Net revenues:

Medicare - Internal

$

157,353

77.2

%

$

95,287

67.6

%

$

62,066

65.1

%

Medicare - External

39,500

19.3

%

28,945

20.5

%

10,555

36.5

%

IFP and Other - Internal

3,975

1.9

%

8,632

6.1

%

(4,657)

(54.0)

%

IFP and Other - External

3,351

1.6

%

8,146

5.8

%

(4,795)

(58.9)

%

Net revenues

204,179

100.0

%

141,010

100.0

%

63,169

44.8

%

Segment profit (loss):

Medicare - Internal

46,443

22.8

%

41,735

29.6

%

4,708

11.3

%

Medicare - External

(631)

(0.3)

%

(322)

(0.2)

%

(309)

96.0

%

IFP and Other - Internal

(729)

(0.4)

%

481

0.3

%

(1,210)

N/M

IFP and Other - External

160

0.1

%

512

0.4

%

(352)

(68.8)

%

Segment profit

45,243

22.2

%

42,406

30.1

%

2,837

6.7

%

Corporate expense

20,327

10.0

%

8,665

6.1

%

11,662

134.6

%

Change in fair value of contingent consideration liability

%

4,400

3.1

%

(4,400)

(100.0)

%

Amortization of intangible assets

23,514

11.5

%

23,514

16.7

%

%

Interest expense

8,688

4.3

%

6,756

4.8

%

1,932

28.6

%

Other (income) expense

13

%

10

%

3

30.0

%

Income (loss) before income taxes

$

(7,299)

(3.6)

%

$

(939)

(0.7)

%

$

(6,360)

677.3

%

_________________________

NM = Not meaningful

The following table presents the number of Submitted Policies by product for the Medicare segments for the three months ended March 31, 2021 and 2020, for those submissions that are commissionable (compensated through commissions received from carriers):

Medicare - Total Commissionable Submitted Policies

Three months ended Mar. 31, 2021

Three monthsended Mar. 31, 2020

Medicare Advantage

172,874

117,312

Medicare Supplement

1,104

2,671

Prescription Drug Plans

2,593

2,494

Total Medicare

176,571

122,477

The following tables present the number of Approved Submissions by product relating to commissionable policies for the Medicare segments for three months ended March 31, 2021 and 2020. Only commissionable policies are used to calculate LTV.

Medicare - Internal Commissionable Approved Submissions

Three months ended Mar.31, 2021

Three months ended Mar. 31, 2020

Medicare Advantage

128,886

83,608

Medicare Supplement

251

822

Prescription Drug Plans

2,284

2,174

Total Medicare

131,421

86,604

Medicare - External Commissionable Approved Submissions

Three monthsended Mar. 31, 2021

Three months ended Mar. 31, 2020

Medicare Advantage

42,241

32,287

Medicare Supplement

731

1,558

Prescription Drug Plans

289

481

Total Medicare

43,261

34,326

The following table presents the LTV per Approved Submission by product for the Medicare segments for the three months ended March 31, 2021 and 2020:

LTV per Approved Submission

Three months ended Mar.31, 2021

Three months ended Mar. 31, 2020

Medicare Advantage

$

995

$

854

Medicare Supplement

$

798

$

920

Prescription Drug Plans

$

215

$

215

The following table presents the number of Submitted Policies by product for the Medicare segments for the three months ended March 31, 2021 and 2020, for those submissions that are non-commissionable (compensated via hourly fees and enrollment fees) and do not result in commission revenue:

Medicare - Total Non-Commissionable Submitted Policies

Three months ended Mar. 31, 2021

Three months ended Mar. 31, 2020

Medicare Advantage

5,939

6,927

Medicare Supplement

1,650

1,812

Prescription Drug Plans

885

798

Total Medicare

8,474

9,537

The following table presents a reconciliation from net income to non-GAAP Adjusted EBITDA guidance for the twelve months ended December 31, 2021:

Twelve months ended

Dec. 31, 2021

Guidance Range

(in thousands)

Low

High

Net revenues

$

1,150,000

$

1,300,000

Net income

179,600

219,600

Interest expense

35,000

35,000

Income tax expense

220

220

Depreciation and amortization expense

102,000

102,000

EBITDA

316,820

356,820

Share-based compensation expense (1)

28,000

28,000

Legal fees (2)

180

180

Adjusted EBITDA

$

345,000

$

385,000

Adjusted EBITDA margin

30

%

30

%

_________________________

(1)

Represents non-cash share-based compensation expense relating to equity awards.

(2)

Represents non-recurring legal fees unrelated to our core operations.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/gohealth-reports-first-quarter-2021-results-301290241.html

SOURCE GoHealth, Inc.



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